Trudeau Says Foreign-Investment Decisions Must Be Made on MeritJosh Wingrove
Liberal Party Leader Justin Trudeau said he will stick to approving major foreign bids to buy Canadian companies based on their economic merit if he wins an election next week.
“We need to be sure that it’s being done right and not making decisions on political calculations,” Trudeau said while answering questions Friday in the Toronto suburb of Mississauga. “Global investment is important in Canada, we are a country with lots of resources and a small population.”
Prime Minister Stephen Harper’s Conservative Party is trailing the Liberals in recent polls ahead of the Oct. 19 vote. During his decade in power, Harper has approved China-owned Cnooc’s Ltd.’s $15.1 billion bid for Nexen Inc. while setting rules to halt future takeovers of oil-sands companies by state-owned companies, except under “exceptional circumstances.”
Trudeau didn’t comment directly when asked how he would treat another major bid from a state-controlled enterprise.